Income-tax Rules, 2026 | Rule 60 of 333

Rule 60 - and Form No. 29

Local extract available Legacy mapping: Not recorded

60Rule number

1663Local text characters

1Linked Forms

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Source and status control

Primary authority: Notification No. 22/2026 / G.S.R. 198(E)

Local legal-text status: LOCAL_EXTRACT_EXTERNAL_OFFICIAL_SOURCE_CONTROLS

Currentness control: Base Rules effective 1 April 2026. Check later amendments, corrigenda and portal implementation before action.

Local statutory extract - official source controls

Rule text held in the production corpus

60. Conditions for carrying forward or set-off of accumulated loss and unabsorbed depreciation allowance in case of amalgamation.- (1) The conditions referred to in section 116(4)(b)(iii) shall be the following:- (a) the amalgamated company, owning an industrial undertaking of the amalgamating company by way of amalgamation, shall- (i) achieve the level of production of at least 50% of the installed capacity of the said undertaking before the end of four years from the date of amalgamation; and (ii) continue to maintain the said minimum level of production till the end of five years from the date of amalgamation; and (b) the amalgamated company shall furnish to the Assessing Officer a certificate in Form No. 29, duly verified by an accountant as defined in section 515(3)(b), with reference to the books of account and other documents showing particulars of production, along with the return of income for the relevant tax year during which the prescribed level of production is achieved and for subsequent relevant tax years falling within five years from the date of amalgamation. (2) For the purposes of sub-rule (1)(a), the Central Government, on an application made by the amalgamated company, may relax the condition of achieving the level of production or the period during which the same is to be achieved, or both, in suitable cases having regard to the genuine efforts made by the amalgamated company to attain the prescribed level of production and the circumstances preventing such efforts from achieving the same. (3) For the purposes of this rule, "installed capacity" means the capacity of production existing on the date of amalgamation.

Local extract SHA-256: 487db0f1bae5d3351893dce3b3f28ff662180735554b39c7b7ffeaabf640faa8. This hash authenticates the local extract only; it does not certify that every amendment, table or Gazette footnote has been consolidated.

Rule map

Related sections

116(4); 515(3)

Related Forms

Form 29

Finin2min implementation framework

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